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Amid Record Bank Failures, Citigroup Warns of Right to Prevent Withdrawls

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"Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change," Citigroup said on statements received by customers all over the country.....Source: Prison Planet

What's going on?

Well, supposedly Citigroup says it was a mistake.

The actual notice should have gone just to customers in Texas, says one report.

Even so, it still doesn't inspire a lot of confidence when a too-big-to-fail bank has to have seven days to let you have your money, even if it is just in Texas.

But I don't think it was a mistake.

It is only a mistake now that it has made the national news. Many people were likely involved in writing the notice and authorizing it. I think it should be common knowledge that if there were a run on the banks, there would be little money available for the customers. The only security people have is that the FDIC backs deposits for $250,000. But it may take some time to get your money.

Everyone should know by now that the banking system is in trouble. There were a hundred and forty bank failures in 2009 and there have been twenty bank failures so far this year. In all of 2008 there were o nly 11 banks that failed.

People should also know that in the event of a run on the banks or in an emergency, whether they get a notice or not, their money will be hard to get at local banks (whether they are too big to fail or not).

So in reality your money is only as good as the Federal Government. And these days the Federal Government doesn't look so good. Not only is the banking system terribly shaky, the US is in jeopardy of losing its Triple A rating.

But hey, its only money.

When the whole thing collapses again, just remember there will always be another election offering you hope and change paid for by the same people that continue to bring you the endless series of economic bubbles and minor and major collapses.

 

I work as a school counselor and mental health counselor in Gallup New Mexico.
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